A reader sent me an old piece I wrote in early-2014 that contained a stat that made me do a double-take: The energy sector outperformed the S&P 500 by nearly 7% per year with nearly the same standard deviation. This seems almost impossible to believe at the moment. Oil prices went negative this year. Energy…
Michael and Ben discuss the survival of airlines, why PMs hate the Fed and more.
A country-by-country look at stock market performance in the year of the pandemic.
Robert Shiller and Burton Malkiel debate market efficiency.
Market prices are created by millions of different opinions, time horizons, risk appetites, investment styles and personality types. These differences are what make a market. Otherwise, there would be few transactions and a lack of liquidity. Investor sentiment is often based not only on what’s going on in the markets but also how people position…
What is going to happen to schools in the fall?
Stock market returns following a huge up month.
Social security can still be used in financial planning for young people.
Why Warren Buffett never got a chance to buy.
Michael and Ben discuss Warren Buffett’s shareholder meeting, the 2019 IPO class, dead malls and more.
